Fed, FDIC Seek Comment on Living Will Guidance for GSIBs

The Federal Reserve and the FDIC today requested comments on proposed guidance for the eight global systemically important banks participating in the agencies’ program for resolution plans, commonly called “living wills.”

The proposed guidance would update the 2016 guidance based on the banks’ 2017 living wills, particularly in areas related to derivatives and trading activities and payment, clearing and settlement activities.

The American Bankers Association welcomed the agencies’ effort to seek feedback on their guidance and to provide additional clarity and simplifcation, noting that the proposal indicates an overall intent to learn from the living will process and adjust accordingly. The association will comment by the 60-day deadline and urge the agencies to solicit comments on guidance for other living will filers.